Gold prices climbed above US$2,900 per ounce during Tuesday's Asian trade, driven by rising safe-haven demand following new U.S. tariff announcements.
By 3:55 pm AEDT (4:55 am GMT) spot gold was up by $8.13 or 0.3% to fresh record highs of US$2,916.18 per ounce.
Analysts now see a potential run toward $3,000 as geopolitical risks and market uncertainty fuel investor interest, as President Donald Trump reinforced market uncertainty by signing a 25% tariff order on steel and aluminium imports.
Meanwhile, U.S. inflation data remains a crucial factor, with consumer and producer price index readings due later in the week. A sharp increase could either pressure gold prices or further boost demand if markets react with risk aversion.
Investors will also be closely monitoring Federal Reserve Chair Jerome Powell's testimony before Congress on Tuesday and Wednesday.
Gold started 2025 on a strong note, gaining 6.6% in January and already up 4.2% in February.
